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China's Singles' Day Exposes Persistent Consumer Caution
China's Singles' Day Exposes Persistent Consumer Caution
China's largest shopping festival again highlighted restrained household spending despite aggressive discounts. The economy grew 4.6% in January through September, but retail sales increased only 1.1% as the long property downturn continued to weigh on confidence.
China's largest shopping festival again highlighted restrained household spending despite aggressive discounts. The economy grew 4.6% in January through September, but retail sales increased only 1.1% as the long property downturn continued to weigh on confidence.
Falling home values have made families more careful with large purchases, including cars and luxury goods. Export growth remains the main economic engine, leaving policymakers under pressure to strengthen domestic demand and reduce dependence on overseas markets.
R.Zakrzewski--GL
